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View Promises →Exide Industries Limited — Q3 FY26
Exide Industries reported Q3 FY26 revenue of ~₹4,000 crore (+5% YoY), crossing the ₹4,000 crore mark for the first time in a Q3.
bullish
high
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Exide Industries reported Q3 FY26 revenue of ~₹4,000 crore (+5% YoY), crossing the ₹4,000 crore mark for the first time in a Q3. Domestic growth ex-telecom was 10%, with 92% of the business growing 12%. EBITDA margin held at 11.7% YoY, supported by cost excellence projects and improved product mix, despite raw material headwinds (silver, tin, copper, sulfur). The telecom and export segments continued to decline, now only ~1% and ~5-6% of revenue respectively. Management guided for high single-digit to early double-digit revenue growth in FY27, with potential for 150 bps margin improvement if commodity prices stabilize. The lithium-ion cell manufacturing project is progressing: cylindrical line validation ongoing, prismatic line commissioning by April. Key risk: inability to fully pass on rising input costs due to competitive pressures.
एक्साइड इंडस्ट्रीज ने दिसंबर 2025 तिमाही में करीब 4,000 करोड़ रुपये का कारोबार किया, जो पिछले साल से 5% ज्यादा है। पहली बार तीसरी तिमाही में इतना बड़ा आंकड़ा छुआ है। टेलीकॉम को छोड़कर भारत में बिक्री 10% बढ़ी, और 92% कारोबार में 12% की बढ़ोतरी हुई। मुनाफा (EBITDA) 11.7% पर स्थिर रहा, क्योंकि कंपनी ने लागत बचत और बेहतर उत्पाद मिश्रण से चांदी, तांबा जैसी कच्चे माल की महंगाई का असर कम किया। टेलीकॉम और निर्यात का कारोबार घटता जा रहा है, अब ये कुल बिक्री का सिर्फ 1% और 5-6% ही हैं। कंपनी को अगले साल 8-10% तक कारोबार बढ़ने की उम्मीद है, और अगर कच्चे माल के दाम स्थिर रहे तो मुनाफे में 1.5% का सुधार हो सकता है। लिथियम-आयन बैटरी बनाने का काम चल रहा है। मुख्य जोखिम: प्रतिस्पर्धा के कारण बढ़ती लागत ग्राहकों पर पूरी तरह नहीं डाल पाएंगे।
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Raw material cost inflation not fully passable
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Read Transcript →Quarter Snapshot
Domestic growth ex-telecom
10%
+10pp YoY
Excluding telecom, domestic business grew 10% YoY, indicating strong underlying demand.
Automotive aftermarket growth
25%
+25pp YoY
Aftermarket grew 25% in Q3, driven by strong OEM production and GST benefits.
Industrial UPS growth
13%
+13pp YoY
Industrial UPS business grew 13% YoY, led by data center and railway demand.
Telecom revenue share
1%
-9pp YoY
Telecom now only 1% of revenue, down from ~10% at peak, as technology shifts to lithium.
What Changed vs Last Quarter
NEW
FY27 revenue growth: high single-digit to early double-digit
Management expects core business to grow at high single-digit to early double-digit in FY27, driven by recovery in declining segments and strong demand in 92% of the business.
NEW
Potential 150 bps margin improvement in FY27
Management indicated EBITDA margin could improve by ~150 bps next year, assuming commodity price support and continued cost excellence.
NEW
Lithium-ion cell commercial dispatches by Q1 FY27
Management expects commercial dispatches of lithium-ion cells to begin around March-April 2026, with customer validation samples being sent imminently.
NEW
Capex of ₹1,400 crore for lithium and ₹500 crore for lead-acid in FY27
Planned capex includes ₹1,400 crore for Exide Energy Solutions and ~₹500 crore for the core lead-acid business, funded through internal accruals.
DROPPED
EBITDA margin corridor of 12-13% in coming quarters
Management expects EBITDA margins to return to 12-13% range, assuming stable lead prices and volume recovery.
DROPPED
Solar business to cross 1,000 crore revenue this year
Solar franchise reached ~800 crore last year and plans to exceed 1,000 crore this fiscal.
DROPPED
Lithium-ion cell production start by end of FY26
First line (NCM cylindrical for two-wheelers) commissioning; production expected by end of FY26.
DROPPED
Export business uptick from Q4 FY26
New geographies and portfolios trials completed; exports expected to improve from January 2026.
NEW RISK
Raw material cost inflation not fully passable
Despite a 2% price hike in January, management could not fully pass on cost increases due to competitive pressures, risking margin compression if commodity prices remain elevated.
NEW RISK
Lithium-ion business margin uncertainty
Management declined to provide specific margin guidance for the lithium-ion business, citing B2B pricing dynamics and import competition, creating uncertainty for investors.
NEW RISK
Senior-level exits in lithium-ion venture
Analyst raised concern about senior-level exits at Exide Energy Solutions; management acknowledged churn but downplayed impact, though succession planning may be tested.
NEW RISK
Export recovery dependent on tariff clarity
Exports remain weak (5-6% of revenue) due to geopolitical tensions and tariff barriers; recovery hinges on favorable tariff announcements and new partner ramp-up.
RISK GONE
Lead price inflation and inability to pass through costs
Lead prices remain elevated; management paused price hikes after GST cut, risking margin compression.
RISK GONE
Geopolitical and tariff uncertainties impacting exports
Export business declined for second consecutive quarter due to tariff uncertainties; recovery uncertain.
RISK GONE
EPR compliance costs becoming a recurring burden
Extended Producer Responsibility provisions increased other expenses in Q2; may not be fully passable to customers.
RISK GONE
Lithium-ion cell ramp-up and customer adoption risks
First-of-its-kind plant faces process stabilization and homologation delays; no firm off-take agreements disclosed.
Fast read
Guidance and risk preview
Management expects core business to grow at high single-digit to early double-digit in FY27, driven by recovery in declining segments and strong de...
Despite a 2% price hike in January, management could not fully pass on cost increases due to competitive pressures, risking margin compression if c...
View Risks →